Ranger Energy Services Expands Market Position via STEP Asset Acquisition and ECHO Rig Contracts
Ranger Energy Services (RNGR) has significantly expanded its operational footprint following the successful acquisition of STEP U.S. coiled tubing assets. This strategic move establishes Ranger as the second-largest coiled tubing provider in the Lower 48 states, with management projecting that these assets will contribute over $10 million to adjusted EBITDA by 2027. The company is also seeing strong demand for its ECHO rig services, highlighted by a new commitment from Chevron for four additional rigs. Ranger aims to reach a total of 24 contracted ECHO rigs by the end of 2027, signaling robust growth in its specialized service segments.
Topics: acquisition coiled tubing services earnings call energy sector contracts